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SAN DIEGO, CA-A new affordable senior housing project is rising in Downtown San Diego, as framing has commenced at Market Square Manor, a 200-unit complex that is rising at Island and Market.

At build-out, the project will include a park, industrial kitchen, library, media rooms and laundry facilities. It is being developed by owner Senior Community Centers of San Diego, Chelsea Investment Corp. and Simpson Housing Solutions. Wermers Multi-Family Corp. is building the project, which is slated for completion in mid-2003.

Affordable housing is still a major concern in San Diego County, as rents here continue to soar. San Diego’s average monthly apartment rent in September 2002 was $1137, which reflects an increase of ten dollars from June 2002′s average monthly rent of $1127, according to a new report by RealFacts. September’s jump in rents brings the yearlong increase up to 5.9%, the report points out.

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